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Personal debt consolidation loans to cover £4,000 of debt per person
The personal debts of the average UK adult has risen nearly 50 per cent since the beginning of the decade to reach around £4,000.
Composed of loans, credit and store cards, overdrafts, and finance deals, the rise in adult debt may be due to poor debt monitoring which allows those already in debt to borrow more with little regulation.
Datamonitor, the agency responsible for the research said that consumer demand had continued to rise since the beginning of the decade, despite five separate increases in interest rates.
Oksana Selezneva, who authored the report for Datamonitor said that with traditional bad debt indicators like unemployment and repossessions at "historically low levels", borrowers have been given the confidence to borrow further and manage their repayments reasonably well.
Confidence may turn to caution in the future, however, as fears over the future of the housing market may put borrowers off. Datamonitor expects growth in the consumer credit market to slow to around five per cent by 2009.
